The Value of Having a Trusted Financial Adviser When a Spouse Is at Death’s Door
When both partners have a relationship with a family adviser, the transition after the death of a spouse can be far less painful. Here’s why.

Some couples don’t need a financial adviser. That’s because one of the partners has the desire, time and expertise to do the work that other couples (and individuals) outsource to professionals.
Yet in my 25 years of experience as a financial adviser, it’s been rare that I’ve encountered a scenario where both partners each could handle the family’s finances without the assistance of a professional.
In most mature marriages today (people over the age of 50), regardless of which spouse pays the bills, it is still usually the husband who makes the investment decisions.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Yet the reality is that, in most marriages, the husband will die before the wife.
So what happens to the widow (or the husband) who is left to deal with the financial matters? If she was the one who handled the affairs, or at least took part in the process, she’ll probably do just fine. But if she relied upon her husband to manage the investments, she’ll probably have to find a financial adviser to assist her – precisely at a time in life when everything seems uncertain.
I’ve noticed during my career that, for those couples who both have a relationship with the family financial adviser, the surviving spouse handles this incredibly difficult transition with much less stress than those people who have no relationship with an adviser. That’s because they don’t have to worry as much about their finances because they know they have someone who has their interests at heart.
If you are married and you manage your family’s finances, ask yourself the following question: “How would my spouse go about managing our investments if I were to die”?
If you have a high degree of confidence that your spouse could continue managing things on her (or his) own, that’s excellent! But, if not, you really ought to take some steps to prepare for the inevitable.
There are two things you should do: First, try to involve your spouse with the process. Talk with her (or him) about the decisions you are making and seek her (or his) involvement in selecting the investments.
If you find your spouse is receptive and truly interested in learning how to take care of the family’s portfolio, without the help of an adviser, great. But if not, consider what many others in your situation have done – develop a relationship with a financial adviser as soon as possible.We’ve had many people come to us over the years who became clients of the firm for the sole purpose of taking care of their spouse. They realize that if they can introduce their spouse to an adviser beforehand, and spend the time with the adviser so that their spouse knows and trusts that person, it will be one less thing their spouse will need to deal with when they pass away.
The benefit to the spouse is that she (or he) has someone to lean on during the immediate aftermath, as well as the years ahead.So if you are a person who takes pride in doing a fine job managing the investments, stop and think what it might be like for your spouse if you were gone. You might consider it worthwhile to find an adviser your spouse can trust well before you are gone so that she (or he) can feel confident about their finances in the event of your demise.
Scott Hanson, CFP, answers your questions on a variety of topics and also co-hosts a weekly call-in radio program. Visit MoneyMatters.com to ask a question or to hear his show. Follow him on Twitter at @scotthansoncfp.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Scott Hanson, CFP, answers your questions on a variety of topics and also co-hosts a weekly call-in radio program. Visit HansonMcClain.com to ask a question or to hear his show. Follow him on Twitter at @scotthansoncfp.
-
Stocks Swing in Volatile Session: Stock Market Today
The main indexes fell sharply in early trading on rising China tensions, but rebounded thanks to encouraging bank earnings.
-
Don't Miss Out! A Quiz on Medicare Enrollment Deadlines
Quiz Test your basic knowledge of Medicare enrollment periods in our quick quiz.
-
A 'Fast, Fair and Friendly' Fail: Farmers Irks Customers With Its Handling of a Data Breach
Farmers Insurance is facing negative attention and lawsuits because of a three-month delay in notifying 1.1 million policyholders about a data breach. Here's what you can do if you're affected.
-
Serving the HNW Market: How Financial Advisers Can Break Through and Deliver Lasting Value
Financial advisers have a significant opportunity to serve high-net-worth clients by elevating their capabilities, delivering comprehensive planning, building diverse teams and prioritizing family wealth education.
-
Don't Just Sell, Connect: How Financial Advisers Can Ignite Their Sales Growth
Avoid complacency and embrace small, consistent improvements to optimize your sales process and results.
-
Are You a Small Business Owner Buckling Under Economic Pressure? Here's How You Can Cope
Significant emotional and financial challenges, including tariff worries, are piling up on small business leaders. Here's how leaders can develop more healthy coping strategies and systems of support.
-
To Raise Prices or Not to Raise Prices: Tariff Tips for Small Businesses
Small businesses are making critical decisions. Should they pass on higher costs due to tariffs, or would that only cost them more in lost customers?
-
Five Retirement Planning Traps You Can't Afford to Fall Into, From a Wealth Adviser
To help ensure you reach your savings goals and enjoy financial security in your golden years, be aware of these common pitfalls. The key is to be proactive, informed and flexible.
-
Your 401(k) Can Now Include Alternative Assets, But Should It? A Financial Adviser Weighs In
Many employer-sponsored plans offer limited investment options, which can stunt growth. But participants considering alternatives might need some sound advice to get the most from their accounts.
-
Will Taxes Shred Your 401(k) or IRA During Your Retirement? It's Very Likely
Conventional wisdom dictates that you save in a 401(k) now and pay taxes later, but turning that rule on its head could leave you far better off. A financial planner explains why.